Alex R. Lieblong began his investment career in 1977. In November 1998, he founded Key Colony Fund, a hedge fund. Before forming Key Colony, Mr. Lieblong was Principal of Lieblong & Associates, a financial advisory firm and broker/dealer, which he formed in 1997. Prior to starting Lieblong & Associates, Mr. Lieblong was a Vice President and Branch Manager of the Little Rock, Arkansas office for Paine Webber for over nine years. Prior to Paine Webber, Mr. Lieblong worked in investment advisory roles for Merrill Lynch and E.F. Hutton for five years. Mr. Lieblong is on the Board of Directors of Deltic Timber (NYSE-DEL), Home Bancshares, a private bank with operations in Arkansas and Florida, and Ballard Petroleum, a private company in the energy industry.